Sensex End down 170 points; shares volatile
ahead of derivatives expiry
More about intraday tips on Google +
DAILY SUPPORT: 8198, 8161, 8064
DAILY RESISTANCE: 8295, 8355, 8452
Shares seesawed between positive and negative territories on
Wednesday, a day ahead of the April derivatives contract expiry amid a holiday
truncated week. Continued sales by foreign portfolio investors amid fresh
worries on retrospective taxes, and a delay in earnings recovery and land
acquisition bill hurt sentiment.the Sensex was quoted at 27353, down 43
points or 0.16% from Tuesday's close. Similarly, the Nifty fell
0.70 points to trade at 8285.Markets also tracked
Asian shares which faded from seven-year peaks on Wednesday while investors
exited crowded positions in the US dollar as the Federal Reserve wraps up a
two-day policy meeting. The
Sensex is flipping between red and green zones in a 200-point
range, even as the Nifty tests its new support level of 8250. The market witnessed short-covering ahead of F&O expiry, which is due tomorrow. The Sensex and
Nifty recovered early losses and bounced back into the positive zone, but
could not hold gains for a long and slipped back into red zone, as selling
pressure continues ahead of futures & options expiry. Soon, the indices extended losses and tumbled to a fresh intra-day low at
27265 and 8222, respectively. The Sensex is now down 175 points at 27221
and the nifty is also down 50 points at 8222.
We advise traders to wait for some more
time to buy. For nifty the resistance will be at 8295, which is likely to
restrict the upside for the nifty. A break below psychological support at 8198
can drag the nifty lower to 8161. Traders may go short. Stop-loss can be placed
at 8355 for the target of 8175. Downside pressure will ease if the contract
breaks above 8445. In such a scenario, for tomorrow an intraday down to 8150 is
possible. More about intraday tips on Google +
DAILY SUPPORT: 8198, 8161, 8064
DAILY RESISTANCE: 8295, 8355, 8452
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